Consona: Turning a Public Orphan into a Strategic and Valuable Asset
Sector: Application Software
Stage: Private Equity
Location: Indianapolis, IN
View company profile


  • —Consona is an ERP vendor for small to medium-sized manufacturers
  • —It became trapped between Wall Street’s need for growth and a stagnant market, and became an underperforming public orphan
  • —Battery structured a take-private transaction with a 1:1 equity:debt ratio

The Battery Difference

  • —Re-oriented business from growth at-all-cost to profitability
  • —Installed former Battery Executive in Residence as CEO, and recruited new VP Sales & Marketing
  • —Significantly rationalized the expense base, kept customer-facing personnel intact
  • —Refocused resources from new customer acquisition to maintaining and cross-selling to large installed customer base
  • —After successful restructuring, turned to growth by acquisition, helping to source, close and integrate numerous complementary companies


  • —Completed 12 acquisitions, quadrupled revenue, and consistently delivered high EBITDA margins
  • —Sold to Vista Equity Partners